Subsidiaries and Equity Investments, Comptroller's Licensing Manual
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Automated Clearing House (ACH) Agreement
Automated Clearing House (ACH) Agreement P.O. Box 189, Middlebury, Vermont 05753-0189 www.nbmvt.com Phone: 1-802-388-4982 THIS AGREEMENT is made this _______ day of ___________________, 20_____, by and between _____________________________________________________________ (“Company”) and National Bank of Middlebury of Middlebury, Vermont, (“Bank”). This agreement is governed by the laws of the State of Vermont. The Company has requested that the Bank permit it to initiate electronic signals for paperless entries through the Bank to accounts maintained at the Bank and in other banks and financial institutions, by means of the Automated Clearing House (“ACH”). NOW, THEREFORE, in consideration of the mutual promises contained herein, it is agreed as follows— 1. The Bank will transmit the credit and/or debit entries initiated by the Company to the ACH as provided in the ACH Rules (“Rules”), as in effect from time to time and this Agreement. An ACH Rule Book is available upon request from the Bank. Please contact the Bank with any questions about compliance with the ACH Rules. The Bank reserves the right to audit the Company to ensure compliance with the ACH Rules. 2. The Company will comply with the Rules insofar as applicable. The specific duties of the Company provided in the following paragraphs of this Agreement in no way limit the foregoing undertaking. The Company (Originator) will not initiate entries that violate the laws of the United States, which includes Office of Foreign Asset Control sanctions (OFAC). Website: www.treas.gov/ofac/ 3. The Company will obtain written authorization for consumer entries, shall provide a copy to the consumer, and shall retain the original for two (2) years after termination or revocation of such authorization. -
Frs 102 Factsheet 6 Business Combinations
FRS 102 FACTSHEET 6 BUSINESS COMBINATIONS Business combinations A business combination is defined as the bringing together of separate entities or businesses into one reporting entity and may be structured in a number of ways for legal, taxation or other reasons. It may involve the purchase by an entity of the equity of another entity, the purchase of all the net assets of another entity, the assumption of the net liabilities of another entity, or the purchase of some of the net assets of another entity that together form one or more businesses. Section 19 Business Combinations and Goodwill sets out the requirements for business combinations. This section also includes the requirements for group reconstructions, however, this is not covered in this factsheet. This factsheet has been prepared to provide a high level overview to entities applying FRS 102 that undertake a business combination for the first time covering the following: • An outline of the purchase method • The separation of intangible assets from goodwill • Illustrative disclosures This factsheet has been prepared by FRC staff and provides high level guidance to entities applying FRS 102 that undertake a business combination for the first time. It should not be relied upon as a definitive statement on the application of the standard nor is it a substitute for reading the detailed requirements of FRS 102. FRS 102 Factsheet 6 1 December 2018 The Purchase Method Key FRS 102 references The purchase method is the required accounting treatment for the vast majority of business 19.6, 19.7 combinations1 and involves the following steps: 1) Identify an acquirer This is the entity which obtains control of other combining entities or businesses. -
Professional/Work References
Vacancy Announcement January 23, 2020 Class Specification: Bank Examiner 3 Number of Positions: Three (3) Division: Bank Division East TN Supervisor: Bank Regional Manager Location: Knox County Salary Range: $4737 - $7576 Application Deadline: January 28, 2020 To apply for consideration of your qualifications for this position visit: https://agency.governmentjobs.com/tennessee/default.cfm?action=viewJob&jobID=2683766&hit_count=yes&h eaderFooter=1&promo=0&transfer=0&WDDXJobSearchParams=%3CwddxPacket%20version%3D%271%2E0%27 %3E%3Cheader%2F%3E%3Cdata%3E%3Cstruct%3E%3Cvar%20name%3D%27TRANSFER%27%3E%3Cstring%3E0 %3C%2Fstring%3E%3C%2Fvar%3E%3Cvar%20name%3D%27CATEGORYID%27%3E%3Cstring%3E%3C%2Fstring% 3E%3C%2Fvar%3E%3Cvar%20name%3D%27FIND%5FKEYWORD%27%3E%3Cstring%3E%3C%2Fstring%3E%3C%2 Fvar%3E%3Cvar%20name%3D%27PROMOTIONALJOBS%27%3E%3Cstring%3E0%3C%2Fstring%3E%3C%2Fvar%3 E%3C%2Fstruct%3E%3C%2Fdata%3E%3C%2FwddxPacket%3E Position Responsibilities may include but are not limited to: Under general supervision, is responsible for professional bank examination work of considerable difficulty; and performs related work as required. Distinguishing Features: This is the advanced working level class in the Bank Examiner sub-series. An employee in this class is responsible for conducting examinations of state-chartered banks. Work involves examining bank records, financial statements and preparing reports to ensure that bank operations and financial conditions adhere to the banking laws, rules and regulations of the state Education and Experience: Graduation from an accredited college or university with a bachelor’s degree in finance, accounting, banking or business-related field and a minimum of nine semester hours of accounting and/or finance; and experience equivalent to three years of full-time professional bank examination work with a federal or state agency. -
Valuation Issues to Consider for Large Block Minority Shareholder Redemptions Jeffrey S
Shareholder Forensic Analysis Insights Valuation Issues to Consider for Large Block Minority Shareholder Redemptions Jeffrey S. Burns and Nathan P. Novak The purpose of this discussion is to identify certain issues to consider when performing a valuation analysis for the purpose of a closely held company shareholder redemption. Specifically, the focus of this discussion is on certain qualitative and quantitative factors that commonly arise when a closely held company is going through the process of redeeming or buying out an ownership interest of a significantly large but noncontrolling shareholder. Several considerations that are unique to large block noncontrolling shareholder redemptions are discussed below. Additionally, an example is provided to illustrate how certain of the issues can occur and can be handled in a hypothetical, but realistic, situation. NTRODUCTION such as if a shareholder claims he or she is being I oppressed by the company and a court orders that A shareholder redemption, as that term is used company to redeem the oppressed shareholder’s throughout this discussion, occurs when a share- shares. holder (or otherwise owner) of a company sells his or her shares back to the company. The shares may This discussion focuses on the valuation issues be retired or may be distributed among the remain- that arise during a litigious shareholder redemp- ing shareholders. tion, such as the issues related to the dissociation of an owner. Further, there are certain issues that Ultimately, the result is the same either way: are unique to the redemption of a noncontrolling 1. There will be one less shareholder. shareholder that holds a significantly large block of the company stock. -
4. Role of Multilateral Banks and Export Credit Agencies in Trade Finance 34 5
Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard EXPORT-IMPORT BANK OF INDIA WORKING PAPER NO. 71 REVitaLISING TRADE FINANCE: DEVELOPMENT BANKS AND Export CREDIT AGENCIES at THE VangUARD EXIM Bank’s Working Paper Series is an attempt to disseminate the findings of research studies carried out in the Bank. The results of research studies can interest exporters, policy makers, industrialists, export promotion agencies as well as researchers. However, views expressed do not necessarily reflect those of the Bank. While reasonable care has been taken to ensure authenticity of information and data, EXIM Bank accepts no responsibility for authenticity, accuracy or completeness of such items. © Export-Import Bank of India February 2018 1 Export-Import Bank of India Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard 2 Export-Import Bank of India Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard CONTENTS Page No. List of Figures 5 List of Tables 7 List of Boxes 7 Executive Summary 9 1. Introduction 16 2. Review of Trade Finance Market 19 3. Challenges to Trade Finance 26 4. Role of Multilateral Banks and Export Credit Agencies in Trade Finance 34 5. Way Ahead 44 Project Team: Mr. Ashish Kumar, Deputy General Manager, Research and Analysis Group Ms. Jahanwi, Manager, Research and Analysis Group 3 Export-Import Bank of India Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard 4 Export-Import Bank of India Revitalising Trade Finance: Development Banks and Export Credit Agencies at the Vanguard LIST OF FIGURES Figure No. -
United National Bank
BUSINESS eBANKING SYSTEM SERVICES AGREEMENT This Business eBanking System Services Agreement (“Agreement”), together with the applicable Terms and Conditions of Your Account for any account that is or will be linked (“Account”) to the Business eBanking System (“System”), governs the use of the System. You understand and acknowledge that that all such Accounts are to be used primarily for commercial or business purposes, and that this Agreement will control if there is any conflict between it and any agreement applicable to Your linked Account(s). In this Agreement, ‘You,’ ‘Your,’ or ‘Customer’ refers to each owner of the Account(s) accessed through the System and each person authorized to access the Account(s) using the System. A ‘Writing’ refers to a communication conveyed on paper and signed by a person with sufficient authority to bind Customer or Bank, as applicable, or an electronic message from a person with sufficient authority to bind Bank or Customer, as applicable, and conforming to the requirements of the Uniform Electronic Transactions Act as incorporated into the laws of the state governing this Agreement. By signing the Agreement or using the System and the services described herein available to Customer (collectively, “Services”). You agree to the terms and conditions set forth below. A. SERVICES 1) Generally. As requested by Customer, Bank will enter into the System balance information and/or itemized debit and credit information for Accounts on a daily basis. Bank shall provide System instructions to Customer. The System is for Customer’s internal use to enable Customer to obtain balance and other Account information and to direct payments from Account(s) to third-parties (collectively, “Payees”, and each individually, a “Payee” when using the bill payment module; collectively “Beneficiaries”, and each individually a “Beneficiary” when accessing Wire Transfers; and collectively “Receivers”, and each individually a “Receiver” when using the Automated Clearing House (ACH) network). -
FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9CS and FR Y-9ES; OMB No
Supporting Statement for Financial Statements for Bank Holding Companies (FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9CS and FR Y-9ES; OMB No. 7100-0128) Summary The Board of Governors of the Federal Reserve System, under delegated authority from the Office of Management and Budget (OMB), proposes to revise, without extension,1 the following mandatory reports for implementation in March and June 2009. (1) the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C; OMB No. 7100-0128) and (2) the Parent Company Only Financial Statements for Small Bank Holding Companies (FR Y-9SP; OMB No. 7100-0128). This family of reports also contains the following mandatory reports, which are not being revised: (1) the Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP; OMB No. 7100-0128), (2) the Financial Statements for Employee Stock Ownership Plan Bank Holding Companies (FR Y-9ES; OMB No. 7100-0128), and (3) the Supplement to the Consolidated Financial Statements for Bank Holding Companies (FR Y-9CS; OMB No. 7100-0128). Pursuant to the Bank Holding Company Act of 1956, as amended, the Federal Reserve requires bank holding companies (BHCs) to provide standardized financial statements to fulfill the Federal Reserve’s statutory obligation to supervise these organizations. BHCs file the FR Y-9C and FR Y-9LP quarterly, the FR Y-9SP semiannually, the FR Y-9ES annually, and the FR Y-9CS on a schedule that is determined when the supplement is used. The Federal Reserve proposes the following revisions to the FR Y-9C effective March 31, 2009: (1) new data items and revisions to existing data items on trading assets and liabilities, (2) new data items associated with the U.S. -
What Can a Public Bank Do for Colorado? July 2020
What Can a Public Bank Do for Colorado? July 2020 Colorado Public Banking Coalition: https://coloradopublicbankingcoalition.org [email protected] Rocky Mountain Public Banking InstitutE: http://bankingoncolorado.org Earl StaElin, RMPBI Chair AlEc Tsoucatos, Ph.D., RMPBI VicE Chair (303) 229-2834 [email protected] 350 Colorado: www.350colorado.org Deborah McNamara, 350 Colorado Campaign Coordinator Micah Parkin, ExEcutivE DirEctor (720) 400-3739 [email protected] What is a public bank? A public bank is a financial institution owned by the pEoplE through their rEprEsEntativE govErnmEnts and opEratEd in the public intErEst. Public banks can Exist at any lEvEl, from local to statE to national or EvEn intErnational. Any govErnmEnt body can chartEr a public bank and usE it to dEposit public funds. BEcausE it is publicly owned and opEratEd, a public bank is mandatEd to sErvE a public mission that rEflEcts the values and neEds of the community that it rEprEsEnts. In Existing and proposEd US Public Bank modEls, skillEd bankErs, not the govErnmEnt, makE bank dEcisions and providE accountability and transparEncy to the public for how their funds arE usEd. What makes public banking unique? UnlikE a privatE national bank, a public bank puts the intErEsts of local communitiEs first. PrivatE national banks havE bEcomE incrEasingly notorious for their lack of transparEncy and their prioritization of stakEholdEr profits ovEr the cliEnts and communitiEs they arE supposEd to sErvE. ThE rEvEnuE shortfalls facEd by local govErnmEnts following the 2008 financial crisis dEmonstratEd just how vulnerablE local communitiEs can bE to the mistakEs of largE national banks that put their own profits ovEr community dEvElopmEnt and fiscal strEngth. -
Mobile Deposit Capture
Mobile Deposit Capture FAQs Member FDIC QUESTION: ANSWER: What is National Bank of National Bank of Commerce mobile deposit allows you to deposit checks Commerce mobile deposit? into any of your National Bank of Commerce checking or savings accounts using the camera on your mobile phone or tablet. What do I need in order to use To use National Bank of Commerce’s mobile deposit service you National Bank of Commerce must have the following: mobile deposit? > An active National Bank of Commerce online banking account with mobile banking enabled > The most recent version of National Bank of Commerce’s app for your iPhone or Android > An active checking or savings account with a positive balance How do I request You can sign into the app and then click the three lines in the left hand corner. mobile deposit? Then select deposit check and enroll your accounts. Can I enroll more than one Yes. You can enroll as many accounts as you like for mobile deposit as long account? as the accounts qualify. Do I need to use a No. We will use what is called a substitute (or electronic) deposit slip to deposit slip? post the deposit to your account. You will simply need to take a picture of the front and bank of the check being deposited. Should I endorse my check No. We will add a standard endorsement to your check as we process it. before taking a picture? What type of checks can I Checks made payable to you and drawn on a bank within the United deposit? States can be deposited through mobile deposit. -
Unpacking the Myths and Mysteries of Chapter 14
Unpacking the Myths and Mysteries of Chapter 14 Christine Quigley ∙ Schiff Hardin LLP Nathan Brown ∙ Proskauer Rose LLP May 6, 2016 1. Code § 2701: The First of the Special Valuation Rules1 a. Generally, Code § 2701 applies any time an individual “transfers” an equity interest in a privately held entity to a “member of the transferor’s family,” if, immediately after such transfer, the transferor or one or more “applicable family members” holds an equity interest in the entity that is classified as an “applicable retained interest.”2 b. If Code § 2701 applies, the gift tax value of the transferred interest is determined under the so-called “subtraction method.”3 In its most simple form, the subtraction method determines the gift tax value of the transferred equity interest by subtracting the value of all equity interests in the entity held by the transferor (and applicable family members) immediately after the transfer from the aggregate value of all equity interests in the entity held by the transferor (and applicable family members) immediately before the transfer. c. If the retained equity interest is an applicable retained interest, its value for purposes of applying the subtraction method is zero (the “zero value rule”).4 The result of the zero value rule is that, for gift tax purposes, the transferor is treated as transferring not only the actual gifted interest, but all applicable retained interests as well. This can result is a significant, unexpected gift tax liability. d. Code § 2701 is riddled with defined terms that must be fully understood before one can properly determine whether Code § 2701 applies. -
Understanding Economic Value Added
Understanding Economic Value Added By David Harper (Editor In Chief - Investopedia Advisor) http://www.investopedia.com/university/EVA/ Thanks very much for downloading the printable version of this tutorial. As always, we welcome any feedback or suggestions. http://www.investopedia.com/investopedia/contact.asp Table of Contents 1) Introduction 2) Economic Value Added: Overview 3) Calculating NOPAT 4) Calculating Invested Capital 5) Pulling It All Together: Calculating And Understanding Economic Value Added 6) What Does Economic Value Added Really Mean? 7) Conclusion Introduction From a commercial standpoint, Economic Value Added (EVA™) is the most successful performance metric used by companies and their consultants. Although much of its popularity is a result of able marketing and deployment by Stern Stewart, owner of the trademark, the metric is justified by financial theory and consistent with valuation principles, which are important to any investor's analysis of a company. To many, the EVA™ metric (also known as "economic profit") basks in a mystique of complexity. But this tutorial will show you that this complexity is only an illusion. In fact, the entire metric is a development of three simple ideas: cash is king; some expense dollars are really investments in "disguise"; and equity capital is expensive. To help you understand EVA™ and its components, we devote each chapter of this tutorial to exploring a different conceptual aspect of economic value added (EVA™) and demonstrating the associated calculations. Over the course of these chapters, we build an EVA™ calculation for the Walt Disney Co (DIS), a publicly traded company, using recent financial statements. And, at the end of this study of EVA™, we compare it to other performance metrics. -
Consolidated Financial Statements
332 Accounting Standard (AS) 21 Consolidated Financial Statements Contents OBJECTIVE SCOPE Paragraphs 1-4 DEFINITIONS 5-6 PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 7-8 SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS 9-12 CONSOLIDATION PROCEDURES 13-27 ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES IN A PARENT’S SEPARATE FINANCIAL STATEMENTS 28 DISCLOSURE 29 TRANSITIONAL PROVISIONS 30 Consolidated Financial Statements 307 Accounting Standard (AS) 21 Consolidated Financial Statements1 (This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective and the General Instructions contained in part A of the Annexure to the Notification.) Objective The objective of this Standard is to lay down principles and procedures for preparation and presentation of consolidated financial statements. Consolidated financial statements are presented by a parent (also known as holding enterprise) to provide financial information about the economic activities of its group. These statements are intended to present financial information about a parent and its subsidiary(ies) as a single economic entity to show the economic resources controlled by the group, the obligations of the group and results the group achieves with its resources. Scope 1. This Standard should be applied in the preparation and presentation of consolidated financial statements for a group of enterprises under the control of a parent. 2. This Standard should also be applied in accounting for investments in subsidiaries in the separate financial statements of a parent. 3. In the preparation of consolidated financial statements, other Accounting Standards also apply in the same manner as they apply to the separate 1It is clarified that AS 21 is mandatory if an enterprise presents consolidated financial statements.